Auction Frequently Asked Questions
Prepare
Do I need to register to participate in the auction?
Yes, only if you wish to bid online or remotely via phone. You can find the register option on the property listing page.
Can I inspect the property prior to purchase?
You'll find inspection arrangements within each listing.
How do I obtain a Sales Contract or Property Report?
Kindly contact the selling agent on the property to request documents.
What happens if I want to seek amendments to the Sale Contract?
Ensure you've read the Sale Contract to raise any concerns around the terms of sale with the selling agent or your solicitor prior to bidding. Any amendments to the contract must be requested in writing before auction day, and submitted to the vendor's solicitor.
Auction Day
How do I attend the auction in person?
Each of our Knight Frank offices will be a 'live' site on auction day where you can participate in or view the auction. While you're there, you can also meet our friendly team to discuss your property requirements.
What if I can't make the live auction?
You can view the auction online on your mobile device or desktop at www.auctions.knightfrank.com.au
One of my business partners / spouse cannot attend the auction to sign the contract – what can we do?
You will need to complete a remote bidding form. Please contact the selling agent in the first instance.
Is there a price guide for the offerings?
Each property will have an indicative price range, which can be discussed with the selling agents.
I'm ready to bid. What paperwork do I need to bring to a live site or make available on auction day?
Make sure you understand who will be buying the property – is it individuals or a company (such as a super fund)?
Check with your solicitor and accountant that your purchasing entity (company name and ABN) has been set up properly and that you know who the signatories will be (all individuals or one party authorised to sign on behalf of others).
Be sure to bring all your paperwork with you on auction day or have your solicitor / accountant on speed dial in case we need to contact them.
General Assistance
We're first-time commercial buyers. Is there anything we need to know?
Welcome to the world of commercial property!
The buying process is similar to residential and the auction conditions are the same. Our handy bidder checklist is the best place to start as you prepare to buy in the commercial space.
Our tip – come along to a live site and meet the team, ask us questions and see the process for yourself. When you've done your research on the type of property you'd like to buy and set your price range, you're ready to bid.
To get up to speed, we have an informative range of thought leadership and research materials on the commercial investment market for you that can be accessed here
I don't like auctions – are there other ways to purchase?
Yes. We offer expressions of interest and private treaty sales. The best way to discover these opportunities is via our alerts and newsletters, which you can subscribe to here.
On the other hand, if it's the nature of bidding in a public forum that concerns you, you can bid online in the comfort of your own home or office, or deputise your bidding to another person, such as a family member or solicitor, to bid on your behalf.
We might need finance to purchase – what are our options?
We recommend speaking to your accountant, broker or financial planner about financing your purchase prior to auction day. We cannot arrange on the spot finance and it's advised funds are in place before you bid.
How do we pay the deposit?
Our preferred payment method is direct transfer from your Australian bank account via BPAY. You don't need any prior setup, just access to your online banking portal or mobile device on auction day. EFT and cheque can be arranged as a secondary option.
Deposit is usually 10% of the purchase price (or 10% + GST if the property is vacant), which you're required to pay at the fall of the hammer.
How long is settlement?
This varies by State and Territory, but the most common settlement periods are 42 or 35 days from the date of exchange (which is the fall of the hammer).
I have a property to sell – who do I contact?
Simply contact us and one of our experts will be in touch.
I'm not ready to buy yet but would like to monitor the market. What information is available?
Let us bring the information to you. Subscribe to our property alerts and news updates here. You can set your preferences or unsubscribe at any time.
If you'd prefer to chat directly with an expert, request a call from one of our sales agents via the Our Team page.